The Consequences of No Consequences for the Banking Sector

The Consequences of No Consequences

President Obama has to accept at least some of the blame for the recent rise of populism. Populism and loss of faith in our political system are the consequences of no consequences.  The inequities of the financial recovery is not the issue angering the masses. There is great frustration at the lack of accountability for the banking industry. Obama has failed to put anyone in prison for the egregious crimes that destroyed our economy and the lives of millions of working Americans. Fines for the bankers are not a punishment, even if they are in the billions of dollars. The only consequence changes behavior is the loss of liberty.

Tax payers bailed out the banks, and the banks responded with a stream of new fees to fleece them again. Those fees were then to pay back the bailout and fines. There was plenty of proof that the banks knew the bundles of mortgages they were selling were junk. There was plenty of evidence to convicted them if charges had been brought. The people gave up listening to politicians years ago when they proclaim that their is no quid pro quo for all the money in politics. We can all see the quid and the quo.

Large contributions buy the elite both influence and protection. If we commit a minor crime we go to jail. If they steal billions of dollars from the economy, cost millions their homes and jobs, and drive hundreds to suicide, they get as slap on the wrist and get to use their get out of jail free card. Their has been much speculation on why both Bernie and Trump got so much support in the primaries – it’s the money stupid! Bernie taking only small contributions, and Trump “self-funding,” was the common link between Bernie and Trump.

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